Basic loan idea how to get auto loan in Bangladesh

A loan is an amount of money advanced to a borrower, to be repaid at a later date, usually with interest. Legally, a loan is a contract between a buyer (the borrower) and a seller (the lender), enforceable under the Uniform Commercial Code in most states. The terms and conditions for repayment of a loan, including the finance charge or interest rate, are specified in a loan agreement.

A loan may be payable on demand (a Demand Loan), in equal monthly installments (an installments loan). It is also defined as when a lender gives money or property to a borrower and the borrower agrees to return the property or repay the borrowed money, along with interest, at a predetermined date in the future. Basic loan idea how to get the auto loan in Bangladesh.

Basic loan idea how to get the auto loan in Bangladesh

Requirements of Documents for Loan:

Common documents:

1) Photograph – (2 copies)

2) Passport/ National ID Card

3) Utility bill copy of Resident

4) Visiting Card

5) TIN Certificate

6) Offer letter & Bank statement of a loan (previously taken from other banks)

Basic loan idea how to get an auto loan in Bangladesh

You can usually obtain an auto loan from the dealership you are purchasing from. If the establishment or private seller does not offer to finance you can go to your personal bank to get an auto loan. Sometimes local credit unions will allow you to open an account with them, they usually have slightly more aggressive rates on auto loans but may require you to carry a balance with them.

Is an auto loan is a personal loan?

An auto loan and a personal loan have the similarity in that they are both loans. Personal loans can be secured or unsecured. Secured meaning that there is some form of collateral to back up the loan

How can a 17-year-old get an auto loan?

Wait until your next birthday. A minor cannot enter into a legal contract, so no lender will give you a loan until you are at least 18. Even then, without a co-signer, it will be very difficult.

General Information

This product will allow vehicle financing to the customer segment in terms of bank’s policy. Under this scheme, the vehicle is hypothecated to the bank only. In addition to this registration requirement, on a case to case basis, banks may also wish to secure the loan partially by the commonly accepted form of cash/ quasi-cash securities available in the market. Basic loan idea how to get the auto loan in Bangladesh.

Customer Segment:

Any Bangladeshi individual who has the means and capacity to repay the bank loan. In specific terms, these could be salaried executives of multinational and middle to large size local corporate, Government officials, Officials working in reputed NGOs (Non-Government Organizations), international aid agencies & UN bodies, any tax paying businessmen of repute, any employed / self-employed tax-paying individual having a reliable source of income.

Purpose Purchase of non-commercial new and reconditioned vehicles for personal use only

Eligibility

Available for Salaried individuals, Business Persons, Self Employed & Landlord

Age between 21 at the time of application to 65 at the time of maturity

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I am Md. Golam Faruque. HR Professional in Bangladesh. I like to write articles about various job opportunities and HR related posts on my Blog, Bdloan24.net. You can Follow me Google +, Facebook, LinkedIn.